IMF calls for 'urgent' action by India amid slowdown

Manila, Apr 13: The Asian Development Bank (ADB) on Monday tripled the size of its response to novel coronavirus disease (COVID-19) pandemic to 20 billion dollars and approved measures to streamline its operations for quicker and more flexible delivery of assistance.

The package expands ADB's 6.5 billion dollars initial response announced on March 18, adding 13.5 billion dollars in resources to help ADB's developing member countries counter the severe macroeconomic and health impacts caused by COVID-19.

The 20 billion dollar package includes about 2.5 billion dollars in concessional and grant resources.

"This pandemic threatens to severely set back economic, social, and development gains in Asia and the Pacific, reverse progress on poverty reduction and throw economies into recession," said ADB President Masatsugu Asakawa.

"Our expanded and comprehensive package of assistance, made possible with the strong support of our board, will be delivered more quickly, flexibly and forcefully to the governments and the private sector in our developing member countries to help them address the urgent challenges in tackling the pandemic and economic downturn," he said in a statement.

ADB's most recent assessment released on April 3 estimates the global impact of the pandemic at between 2.3 and 4.8 per cent of gross domestic product. Regional growth is forecast to decline from 5.2 per cent last year to 2.2 per cent in 2020.

The new package includes the establishment of a COVID-19 pandemic response option under ADB's countercyclical support facility.

Up to 13 billion dollars will be provided through this new option to help governments of developing member countries implement effective countercyclical expenditure programs to mitigate impacts of the COVID-19 pandemic, with a particular focus on the poor and the vulnerable.

Grant resources will continue to be deployed quickly for providing medical and personal protective equipment and supplies from expanded procurement sources.

Some 2 billion dollars from the 20 billion dollar package will be made available for the private sector. Loans and guarantees will be provided to financial institutions to rejuvenate trade and supply chains.

Enhanced microfinance loan and guarantee support and a facility to help liquidity-starved small and medium-sized enterprises, including those run by female entrepreneurs, will be implemented alongside direct financing of companies responding to or impacted by COVID-19.

The response package includes a number of adjustments to policies and business processes that will allow ADB to respond more rapidly and flexibly to the crisis. These include measures to streamline internal business processes, widen the eligibility and scope of various support facilities and make the terms and conditions of lending more tailored.

All support under the expanded package will be provided in close collaboration with international organisations, including the International Monetary Fund, World Bank Group, World Health Organisation, UNICEF, other UN agencies and the broader global community.

Washington, Feb 23: U.S. president Donald Trump on Saturday said he was looking forward to being with his "great friends" in India next week as he retweeted a short video in which his face was superimposed on the hit movie-character Bahubali, showing the president as a great saviour bringing peace to his kingdom.

Trump will pay a state visit to India on February 24 and 25, accompanied by a high-level delegation including first lady Melania Trump, his daughter Ivanka, son-in-law Jared Kushner and a galaxy of top American officials.

"Look so forward to being with my great friends India!" Trump said in the tweet.

Along with the tweet, Trump retweeted an 81-second video by a Twitter account identified as "Sol" with the handle Solmemes1.

"To celebrate Trump's visit to India I wanted to make a video to show how in my warped mind it will go... USA and India united!" the handle Solmemes1 tweeted in the original post with the video.

Trump appears as a great saviour, in the short animated clip, riding on a chariot with Melania. A few stills later, Trump is seen riding a horse carrying on his shoulders his son Donald Jr and daughter Ivanka.

Later, he is welcomed by Narendra Modi in a village setting. Hundreds and thousands of people are seen welcoming Trump in the video.

"This week Trump will visit India and in celebration I have created a new meme for the occasion... You few, who are my patrons, get to see it first!" Sol told viewers on subscription content service Patreon on Saturday. A few hours later, Trump retweeted the video.

In the Twitter description, Sol describes herself as "award winning master memetician, professor of memology at University of GFY, my views are my own and not associated with real life."

The Trump-Bahubali video, which ends with "USA and India United", went viral after Trump retweeted it. In a few hours, it was seen by nearly 6 lakh people.

Sol in one of her previous posts, dated January 23, writes she was inspired by a video of Bahubali sent to her by a friend, which is the story of 'good defeating evil.'

This inspired Sol to create her first Bahubali-theme meme. The video, lasting 93 seconds, is titled "Jiyo Re Baahu Trump", in which the first lady is seen wearing a saree. "Jiyo Re Bahubali," is the theme song of the video.

"I just loved this video when I saw it! A friend sent it to me and he told me that it is the story of good defeating evil... it was so fitting I had to make it (meme)..." Sol wrote in her post.

Sol's posts show that she is an admirer of Trump. Sol's January 23 video was released at the peak of Trump's impeachment proceedings.

Trump is seen being greeted by an elephant, which bears the logo of the Republican Party.

Towards the end of the video, Trump is seen riding the elephant, and putting on fire the effigy of "Raavan" marked as "D" in a big circle representing the opposition Democratic Party.

An arrow is given by warrior Narendra Modi to the First Lady, who then passes it on to Trump, before he lights the effigy.

The Shopping Centres Association of India (SCAI) on Monday said the sector has lost over Rs 90,000 crore in the last two months, owing to the lockdown, and market players need much more than the repo rate cut and the loan moratorium extended by the RBI.

In a statement, the industry body said that the Reserve Bank of India's (RBI) relief measures are not adequate to support the liquidity needs of the industry.

According to the SCAI, there is a common misconception that the shopping centres' industry is centred around metros and large cities with investments only from large developers, private equity players and foreign investors.

"However, the fact is that most malls are part of the SMEs or standalone developers. i.e. more than 550 are single owned by standalone developers out of the 650-odd organised shopping centres across the country and there are 1,000+ small centres in smaller cities," it said.

Amitabh Taneja, Chairman of SCAI said: "The organised retail industry is in distress and has not earned anything since the lockdown and their survival is at stake. While the extension of the loan moratorium talks about some relief on repayment but won't help the industry in liquidity."

He said that a long term beneficial plan from the government is much required to revive the sector.

"Being the most safe, accountable, and controlled environment, unfortunately, malls have not been permitted to open which will lead to job losses and might even shut shops for a lot of mall developers," Taneja said.

In its representations to the Centre and the Reserve Bank of India, the association has also pointed out that, in absence of financial package and stimulus from the RBI, over 500 shopping centres may go bankrupt, that may lead to the banking industry staring at NPAs of Rs 25,000 crore.

The industry body has put forward its recommendations and requests to the government. It had sought moratorium till March 2021 at the least in terms of repayment of bank loans, interest, EMI and so on, without levy of any penalties or penal interest.

It has also sought a one-time loan restructuring with lower rates of interest, permitted for shopping centres and a facilitative and forward-looking support provision of short-term financing options for a period of six to 12 months, at lower interest rates, to meet the increased working capital requirements.

Among other relaxations, it had also appealed for GST rebates to offset the losses on account of and for the period of closure of business.

It also said that interest rates should be brought down to "manageable levels" of 5-6% in view of the precarious financial situation.